The chief executive of the Institute of Chartered Accountants of Scotland has called for business leaders to place ethical behaviour at the heart of what they do.

Anton Colella told the group’s annual conference that individuals need to take more personal responsibility to rebuild customer trust in the wake of the wide range of corporate scandals seen in recent years.

As part of his speech Mr Colella told delegates ICAS is launching a new initiative called The Power of One and is also proposing to add a moral courage principle to the body’s code of ethics.

He said: “Regulators, rules and codes of conduct can only achieve so much. For business to restore its reputation in the eyes of the public, we need leaders at every level, to stand up and be counted.

“That means taking personal responsibility and doing the right thing, especially when they encounter dubious or unethical behaviour.

“Corporate failure often begins with personal failure. Our aim is to place personal ethical behaviour as the number one priority for individuals.”

Mr Colella believes the 21,000 ICAS members around the world can act as a “force for good” by always following the highest ethical standards.

He added: “They can also influence those around them, and help shape the culture and values of their organisations."